Bank checking previous records to detect a similar fraud pattern: Police

Bank checking previous records to detect a similar fraud pattern: Police

FPJ BureauUpdated: Monday, June 03, 2019, 07:46 PM IST
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Mumbai: Two months after a courier company was booked for forging and misappropriating 1,231 demand drafts (DD) worth Rs 85 lakh, police are yet to make any arrests in the case. Moreover, Bandra Kurla Complex (BKC) Police suspect more victims may be duped and the accused could be an employee of the bank.

According to police sources, the courier company had cheated a reputed private bank by misappropriating funds worth Rs 85 lakhs. The fraud was committed from February 2018 to March this year, which came to light only when the bank was summing up the balance sheet for the financial year 2018-19. A senior police officer said, “Since the previous financial year’s records were checked by the bank officials, fraud of only that period had come into light. We suspect the fraud was underway for a much longer time and have asked the bank officials to check their records of previous financial years, to detect a pattern.”

The bank located at BKC had received many complaints of DDs issued which the people had not received, which worried the companies. When the bank conducted its own inquiry, it was revealed that the DDs were deposited in credit cooperative banks and that money had already been withdrawn. The courier company, which was given the contract of mailing the DDs was found to be responsible for misappropriation.

After the investigations revealed the funds were transferred and withdrawn from a credit cooperative bank, the account was sealed. Kalpana Gadekar, a senior police inspector of BKC police station said, “When the bank found out about the different accounts the money was being siphoned into, we asked for those accounts to be immediately sealed. We are now trying to ascertain how many DDs have been forged over the years and how much money was siphoned off.” Another officer said, we suspect one of the accused was either a bank employee or a person who had complete knowledge of the functioning of banks and courier companies. Police have questioned all employees of the bank and the courier company, but none of them have reported absent from duty after the incident came to light.

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